With strong sales and boosted by backlog realisation and strong investment portfolio performance, Aldar announced revenue of AED14 billion ($3.81 billion) for the first half of 2024, up 21 percent Year on Year.
The surge in revenue led to a gross profit of AED3.9 billion ($1.06 billion), up 43 percent, and a 57 percent rise in net profit (after tax) to AED3.3 billion ($900 million).
Demand for Aldar’s new launches and existing inventory continued, with overseas and resident expat buyers accounting for AED10.2 billion ($2.78 billion), or 79 percent, of H1 UAE sales.
The company has a record development backlog of AED39 billion ($10.62 billion), and highest-ever UAE backlog of AED33.2 billion ($9.04 billion) – an indicator of revenue recognition over the next two-three years.
Mohamed Khalifa Al Mubarak, chairman of Aldar Properties, commented: “The UAE real estate market continues to display solid fundamentals driven by strong end-user demand and increasing global investor interest, and this is reflected in Aldar’s strong financial and operational performance in the first six months of 2024.
“Underpinning this strength is the dynamism of the UAE economy. Through pro-growth policies and a business-friendly environment, the UAE has emerged as a premier destination for international corporates, entrepreneurs and capital. Aldar is integral to the country’s development, providing exceptional lifestyle destinations and building the commercial and logistics infrastructure needed to cater to the growing demand.”
Talal Al Dhiyebi, Group Chief Executive Officer, added: “Aldar’s exceptional performance in the first half of 2024 highlights our effective and diversified business model, strong brand, and a positive operating environment in the UAE.
“With 79 percent of our UAE residential sales coming from overseas and expats buyers, we are experiencing a significant expansion of our customer base and benefiting from the country’s appeal to international investors.
“At the same time, our investment portfolio is thriving amid favourable economic conditions and driven by strategic acquisitions over the last couple of years. We are entering into one of the most exciting periods of activity and growth in Aldar’s history.”
Robust growth across Aldar businesses
All business units reported robust growth in the first half of 2024.
Aldar Development reported a 94 percent increase in revenue from AED3.88 billion to AED7.52 billion, while Aldar Investment revenue was up 30 percent to AED3.23 billion.
Adjusted EBITDA for Hospitality decreased 2 percent YoY in H1 2024 to AED178 million due to one-off income recognised in the same period last year. It was up 8 percent YoY to AED 71 million for the second quarter of 2024. Occupancy rates reached 73 percent.
Aldar Education reported an adjusted EBITDA of AED61 million for Q2 2024, up 19 percent YoY, and AED116 million for H1 2024, registering a 25 percent YoY growth. Enrolments were up 27 percent YoY and total number of students in 11 owned-and-operated schools and 19 managed schools across Abu Dhabi, Dubai and Northern Emirates exceeds 36,500.
Aldar Estates, which significantly ramped up its operations, now manages 158,000 units across 2 million sqm gross leasable area and holds contracts valued at AED 1.9 billion. That led to a 175 percent surge in Adjusted EBITDA in Q2 2024 to AED84 million and 160 percent growth in H1 2024 to AED155 million.
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